Property tax revenues: Proposition 1A receivables.

(1) Existing property tax law requires the county auditor, in each fiscal year, to allocate property tax revenue among local jurisdictions in accordance with specified formulas and procedures. The California Constitution allows for a specified suspension of the prohibition on the Legislature from modifying the manner of apportioning ad valorem property tax revenues. Existing law requires the auditor of each county to reduce the amount of ad valorem property tax revenue apportionments to each local agency for the 2009–10 fiscal year by 8% of the total amount of ad valorem property tax revenue apportioned to that local agency in the 2008–09 fiscal year.